How To Survive Big Property Claims

Advice for large claims where you are working with your insurance company - usually property claims - fire, wind, flood... Document every action you take and every discussion you have. Confirm all phone conversations with your agent or the adjuster by email. CC the agent on all emails to the adjuster. CC the adjuster on emails to the agent. … [Read more...]

Location-Location-Location

Most business insurance programs require that you list locations where you have property to be insured.Review any other locations where you may have business property, such as warehouses and mini-warehouses. Consider equipment that may belong to your company that is at employees' homes. Telecommuters and executives with company computers at home … [Read more...]

After the Fire…

After a fire (or other insured damage to your building) there will be debris that needs to be removed from the scene. Insurance coverage is usually limited to 25 percent of the loss. The amounts paid for debris removal do not increase the total limit of coverage for the whole claim. It is, therefore, possible that you can run out of coverage.To … [Read more...]

Earthquakes Not Covered

Missouri residents last week experienced a 5.2 magnitude earthquake that rattled windows and shook houses. Many are now trying to buy insurance but are finding that there's a waiting period for coverage. Several of the state's biggest earthquake insurers have imposed a 30-day moratorium on new policies - a not uncommon practice right after quake … [Read more...]

Property Insurance Screw Ups – Low Deductibles

Insurance isn't for the small events that are a part of life. Let the insurance company take care of the big claims while you manage the small, “normal” bumps in the road. Consider a property deductible of $10,000 or more. Look at your auto policy’s collision insurance. Ask your agent what the premium savings will be for doubling your … [Read more...]

Property Insurance Screw Ups – Specific Insurance

There are a great many ways to screw up your property insurance.A common error is specific property coverage - having your policy list each location and coverage section separately. For example:$1,000,000 coverage on your Main St building$500,000 on the contents of Main St$1,200,000 on your North St building$750,000 on the contents of North StThe … [Read more...]

Inland Marine Insurance Advice

Inland marine coverage is insurance for mobile equipment such as fork lifts, cranes, generators, backhoes and bulldozers. It can also be used to insure fine arts and property owned by others in your care - computers at a computer repair shop or property left with a dry cleaning company. Cargo insurance is also part of inland marine … [Read more...]

Property Insurance Penalty Hurts You

In most property insurance policies there is a penalty called coinsurance. Here is what you need to know about coinsurance - it never helps the insurance buyer.Coinsurance = BadAsk your insurance advisor if there is a coinsurance clause in your property insurance policies (building, contents, inland marine, computer, business interruption … [Read more...]

Space Junk Risk

The recent missile hit of space junk has some people thinking about the risk of being hit by falling debris. Yes, I did get calls!I must say that I'm not all that worried. Here's an article on the issue.In case you are worried... Most special perils property insurance policies would cover the damage caused by space junk putting a hole in your … [Read more...]

Valuable Papers Insurance

Your business burns. As you walk through the rubble, you come across the twisted metal that was once file cabinets filled with customer and business information. Boy, are you going to be unhappy with the insurance coverage you have on those papers! Basic insurance pays for the blank paper. Effectively, your insurance company will pay you for two … [Read more...]